U.S. stocks were little changed Wednesday, with the S&P 500 hovering near its record high as investors awaited details from the Federal Reserve’s last policy meeting.
The Dow Jones Industrial Average rose 20 points. The S&P 500 gained 0.1% and the tech-heavy Nasdaq Composite edged 0.1% lower.
Shares of reopening plays airlines and cruise lines led the gains, continuing their recent run. Carnival climbed 3.6%, while Royal Caribbean and Norwegian Cruise Line gained more than 2% each. Shares of Southwest American Airlines and United both rose over 1%.
Bond yields continued to retreat from recent highs. The 10-year Treasury yield dipped to 1.65%, its lowest level since March 26. Rising yields had spooked investors recently, sparking a rotation out of growth and into value-oriented areas of the market.
JPMorgan Chase CEO Jamie Dimon was optimistic about the U.S. economic comeback from the pandemic in his widely read annual letter released on Wednesday.
“I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom,” Dimon said in the letter. “This boom could easily run into 2023 because all the spending could extend well into 2023.” (CNBC)
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